HYBE (352820) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue reached KRW 705.6 billion, up 10.2% year-over-year and 41.0% sequentially, driven by global strategy and strong artist activities including BTS, SEVENTEEN, TOMORROW X TOGETHER, and ENHYPEN.

• Operating profit for Q2 2025 was KRW 65.9 billion, a 29.4% increase year-over-year and 204.7% higher than the previous quarter, with a margin of 9.3%.

• Net profit for Q2 2025 was KRW 15.5 billion, up 53.1% year-over-year but down 71.6% sequentially.

• Expanded global presence through music, platform (Weverse), and technology-based businesses, with notable success in the U.S. and Latin America.

• Implemented organizational restructuring in the U.S. and Latin America to focus on label business and global IP expansion.

Financial highlights

• Consolidated Q2 revenue reached KRW 705.6 billion, up 10% year-over-year.

• Artist direct-involvement revenue was KRW 447.9 billion (63% of total), up 5.7% YoY and 38.9% QoQ.

• Concert revenue surged 31% YoY and 21.6% sequentially to KRW 188.7 billion.

• Merchandise and licensing revenue increased 40.2% YoY and 43.7% sequentially to KRW 152.9 billion.

• Operating expense increased 8.5% YoY and 33.6% sequentially to KRW 639.8 billion.

Outlook and guidance

• Large-scale tours scheduled for the second half of the year are expected to drive further concert business growth.

• Expansion into Latin America with new talent show and next-generation pop group project, reinforcing global strategy.

• Continued expansion into new markets, including India, and ongoing innovation in artist-fan connections.

• Continued focus on diversifying production models and international market penetration.